BALTIMORE, MD—With Americans having increased their collective credit card debt by a record $179.4 billion last year, and the grand total at over $1.1 trillion, the personal-finance website WalletHub this week released its report on the States with the Highest & Lowest Credit Card Debts.
Maryland came in at No. 18 on the list. Alaska was the state with the highest credit card debt and West Virginia was the state with the lowest.
In creating the report, WalletHub drew upon data from TransUnion, the Federal Reserve, the U.S. Census Bureau and WalletHub’s proprietary credit card payoff calculator to determine the cost and time required to repay the median credit card balance in each of the 50 states and the District of Columbia.
Credit Card Debt in Maryland (1st Rank = Least Sustainable):
- Median Credit-Card Balance ($2,961)
- Median Income ($65,737)
- Cost of Interest Until Payoff ($350)
- Expected Payoff Timeframe (13 months and 12 days)
The full report can be viewed online here at WalletHub.
More in the video below.
Photo via Pixabay
